GDP (Gross Domestic Product) plummets 9.5% in a single quarter (32.9% annualized)?
Yet another Republican economic meltdown.
The stock market is not the real economy. It is a snapshot of a small slice of the economy that only a few very rich, very elite seriously play in, though many others have much of their retirement funds — future income that they have little immediate control over — invested in it.
A far stronger (though still imperfect) measure of the overall REAL economy is GDP, that affects all domestic production of goods and services.
And in that real economy, the 9.5 quarterly (32.9% annualized) drop was the largest ever on record, even more than the Great Depression. (Note: the current GDP figures were not calculated at the time of the Great Depression, but economists have used other metrics to reconstruct equivalencies that show that there was never such a loss in a single quarter even during the Great Depression.)
May 31, 2017